Nicole Doré fined $25,000

Decisions and Freeze and cease trade orders Securities

Montréal – In a decision handed down on May 14, 2009, Judge Jean-François Dionne of the Court of Québec (Criminal and Penal Division), district of Québec City, ordered Nicole Doré to pay a fine of $25,000.

On December 23, 2008, Judge Dionne found Nicole Doré guilty on the nine counts brought against her by the Autorité des marchés financiers (AMF) for:

  • pursuing activities as a securities dealer without being registered as such with the financial regulatory authority by making a distribution of a form of investment governed by the Securities  Act (the "Act"), thereby violating section 148 and committing an offence under section 202 of the Act (5 counts);
  • making misrepresentations in respect of a transaction in securities, in particular by stating that the investments were guaranteed, thereby committing an offence under section 197 of the Act (4 counts).

In the decision he handed down on December 23, 2008, Judge Dionne stated that the transactions carried out by the respondent in this matter, that is, in connection with a pyramid network, may be considered to be investment contracts within the meaning of section 1 of the Act.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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